13 Real Estate Regulation Act 2016 - Anil DSouza

posted Aug 14, 2018, 9:15 AM by Neil D'Souza   [ updated Aug 14, 2018, 9:15 AM ]
Why is knowledge of MahaRERA important: Lakhs of people have booked their dream home in various projects across the State of Maharashtra and across India. But when it comes to realizing those dreams and taking possession, their homes are far from ready. In fact, some of the projects are at the foundation level, while others are still skeletal frameworks. This, in spite of 5 to 10 years having gone by.

People have invested their life's savings, and all that they get is an apology for delay in the projects. This, in spite of having valid proofs of payment like Receipts, Allotment Letters, Registered Agreements etc.

Aggrieved people are hesitant to go to courts, as they feel it's long, lengthy and laborious, involving many procedures and documentation; hence, they want to avoid going to courts altogether. This only compounds the problem, and does not solve anything. Some people are staying in rental arrangements, while others have taken heavy home loans and have to pay their EMIs, while the homes they invested in are nowhere in sight.

What does one do in such a situation?

Courts are already burdened with many litigation issues, and your Real Estate matter will just be added to the long list of matters on the daily board.

Hence to address this humungous issue, the Central Govt. through an Act of Parliament brought out RERA Act 2016, and all States and UTs had to mandatorily implement this with Registration of the projects online, and make provisions for aggrieved flat-purchasers to register complaints online and get an early hearing.

A major boost to Transparency and Accountability to this vital Sector!

Q 1: What are the objects and reasons for which the Real Estate (Regulation and Development) Act 2016 has been framed?

Ans: The Real Estate Act is intended to achieve the following objectives:

1. Accountability: ensure accountability towards allottees and protect their interest;

2. Transparency: infuse transparency, ensure fair-play and reduce frauds and delays;

3. Professionalism: introduce professionalism and pan-India standardisation;

4. Information: establish symmetry of information between the promoter and allottee;

5. Responsibility: imposing certain responsibilities on both promoter and allottees;

6. Regulatory: establish regulatory oversight mechanism to enforce contracts;